Crude oil futures fell Tuesday as the recent rally took a breather, with traders watching tensions on the Israel-Lebanon border and summer fuel demand.
U.S. crude oil and global benchmark Brent are ahead 5.5% and 4.9%, respectively, for the month as prices have bounced back from May doldrums on a more optimistic outlook for summer fuel demand.
Here are today's energy prices:Geopolitical tensions are also back in focus amid fears that Israel and the Iran-backed militia Hezbollah could go to war.
Oil prices hit annual highs in April as Israel and Iran teetered on the brink of war, stoking fears that a wider conflict could engulf the Middle East and disrupt crude supplies.
But McKay also said the oil rally could fade with funds likely to start liquidating long positions if WTI prices fall below $81 per barrel.
Persons:
doldrums, Israel, CQ Brown, John Evans, Evans, Ryan McKay, McKay
Organizations:
Brent, Hezbollah, Air Force, Sunday, Israel, TD Securities
Locations:
McKittrick, Kern County , California, Israel, Lebanon, Iran, Gaza